The Global Augmented Reality And Virtual Reality Market are projected to register high demand during the forecast period with increasing demand from major end-use industries such as healthcare, tourism, gaming, etc during the forecast period.
Augmented reality is the development of technology that layers computer-generated developments with present reality, as developers can generate images in real-world applications that unify content. Using augmented reality, users in the real world can interact primarily by encouraging their vision and hearing with virtual content. Virtual reality consists of creating a world or situation in real life using an artificial simulation or recreation generated by a computer. Virtual reality is about stimulating vision and hearing, accomplished through wearing a VR helmet or goggles such as oculus rift. Virtual reality is a 3D environment generated by computers that completely immerses users in an artificial world without seeing the real world. Augmented reality applications are developed on special 3D programs that allow developers to integrate contextual or digital content in real-time with the real world. Virtual reality delivers realistic user experience of the artificial world in an interactive environment.
A significant chunk of the AR and VR market will be sustained by head-mounted displays. The most promising devices for boosting the growth of the AR and VR market are head-mounted displays. With the fierce demand for commercial, automotive, industrial and healthcare applications, Augmented Reality smart glasses lead the Augmented Reality market for head-mounted displays. Augmented reality smart glasses are anticipated to be used primarily in commercial and industrial applications where smart glasses are likely to be used to improve worker’s efficiency as well as to ensure greater protection and satisfaction. Virtual reality HMDs find key applications in the field of gaming and entertainment, healthcare, retail, and e-commerce.
The AR HUDs are likely to be used principally for aviation and automotive navigation. Information such as the roadmap and speed along with the other essential details in the line of sight would be displayed on the windscreens and would guide the driver in driving safely. Soon, the use of VR gesture tracking in games and entertainment is anticipated to be the key driver for the growth of the market for virtual reality gesture tracking systems. Using gesture-tracking systems inpatient care management paves the way in the healthcare application for the high growth of these technologies.
The largest growing region for the Augmented Reality and Virtual Reality market is predicted to be North America. Also, one of the fastest-growing regions in the Asia Pacific. Increasing demand for augmented reality games along with its application by North America-based high-tech businesses is boosting the overall market growth in this region. The Middle East is still largely underdeveloped considering this market.
Key Factors Impacting Market Growth:
- Advancements in 5G technologies enhancing the development of VR & AR systems
- Internet business and retail to drive the AR and VR market
- Developing enthusiasm of huge tech organizations in augmented reality
Regional Outlook:
By region, the global augmented reality and virtual reality market are estimated to be dominated by North America, Western Europe, and the Asia Pacific during the forecast period. With technological advancements and a cluster of global companies operating in these regions, these regions hold key to the growth and development of global augmented reality and virtual reality market during the forecast period. Most of the leading companies have operations in these regions to cater to the potential end-users in the respective region. The North America global augmented reality and virtual reality market is further segmented by the US, Canada, and Mexico, whereas Germany, UK, France, Italy are estimated to be some of the major markets in Western Europe. Asia Pacific region is segmented by China, Japan, South Korea, India, and Australia. The Middle East and Eastern Europe are estimated to be potential markets with growing demand during the forecast period. Major countries in these regions include Russia, UAE, Saudi Arabia, Israel, and others.
Companies Covered: Microsoft, Marxent Labs, LLC., Microsoft Corporation, HTC Corporation, EON Reality, Inc., Facebook Inc., Cyberglove Systems LLC., Apple Inc, Qualcomm Inc., Wikitude GmbH, Samsung Electronics Co., Ltd., MAXST, Oculus VR, LLC, Visteon, Magic Leap, Inc., Continental, Google Inc., Upskill, Vuzix Corporation, Osterhout Design Group, Infinity Augmented Reality Inc., Blippar, Sony, Zugara, PTC, and DAQRI
Market Segmentation:
By Application:
- Cloud-Based Services
- Sensors
- 3D Camera
- Displays
- Software Development Kits
- Semiconductor Component
By Product Type:
- Augmented Reality technology
- Maker-based
- Markerless
- Virtual Reality Technology
- Non-immersive
- Semi-immersive
- Fully-immersive
By End User Industry:
- Education
- Tourism
- Healthcare
- Media
- Entertainment
- Gaming
By Region:
- North America
- By Country (US, Canada, Mexico)
- By Application
- By Product Type
- By End-User Industry
- Western Europe
- By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
- By Application
- By Product Type
- By End-User Industry
- Eastern Europe
- By Country (Russia, Turkey, Rest of Eastern Europe)
- By Application
- By Product Type
- By End-User Industry
- Asia Pacific
- By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
- By Application
- By Product Type
- By End-User Industry
- Middle East
- By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
- By Product Type
- Rest of the World
- By Region (South America, Africa)
- By Application
- By Product Type
- By End-User Industry
Reasons To Buy This Report:
- Market size estimation of the augmented reality and virtual reality market on a regional and global basis
- The unique research design for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
Customization:
We provide customization of the study to meet specific requirements:
- By Segment
- By Sub-segment
- By Region/Country
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